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Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2015
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):
Real estate investments, at cost: |  |  |  |
|  | March 31, 2015 |  | December 31, 2014
Philadelphia CBD |  | $ | 1,346,858 |  |  | $ | 1,338,655 |
Pennsylvania Suburbs |  | 1,178,408 |  |  | 1,178,470 |
Metropolitan Washington, D.C. |  | 1,189,601 |  |  | 1,183,652 |
New Jersey/Delaware (a) |  | 326,297 |  |  | 392,581 |
Richmond, Virginia |  | 317,422 |  |  | 317,076 |
California (a) |  | 119,271 |  |  | 193,258 |
|  | $ | 4,477,857 |  |  | $ | 4,603,692 |
Less: Assets held for sale (a) |  | 136,802 |  |  | 27,436 |
Operating Properties |  | $ | 4,614,659 |  |  | $ | 4,631,128 |
Corporate |  |  |  |
Construction-in-progress |  | $ | 231,224 |  |  | $ | 201,360 |
Land inventory |  | $ | 90,945 |  |  | $ | 90,603 |
(a) | On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.
See Note 3, "Real Estate Investments," for further description of the five properties held for sale in the New Jersey/Delaware segment and one property held for sale in the California segment.
Schedule of Segment Net Operating Income, by Segment |
Net operating income: |  |  |  |  |  |  |  |  |  |  |
| Three-month periods ended
| March 31,
| 2015 |  | 2014
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss)
Philadelphia CBD | $ | 52,973 |  |  | $ | (18,390 | ) |  | $ | 34,583 |  |  | $ | 49,414 |  |  | $ | (18,443 | ) |  | $ | 30,971 |
Pennsylvania Suburbs | 39,890 |  |  | (14,585 | ) |  | 25,305 |  |  | 40,574 |  |  | (14,687 | ) |  | 25,887 |
Metropolitan Washington, D.C. | 27,406 |  |  | (11,860 | ) |  | 15,546 |  |  | 30,690 |  |  | (11,957 | ) |  | 18,733 |
New Jersey/Delaware | 13,500 |  |  | (7,868 | ) |  | 5,632 |  |  | 15,625 |  |  | (8,692 | ) |  | 6,933 |
Richmond, Virginia | 9,296 |  |  | (4,272 | ) |  | 5,024 |  |  | 8,867 |  |  | (4,340 | ) |  | 4,527 |
California | 4,985 |  |  | (2,438 | ) |  | 2,547 |  |  | 4,602 |  |  | (2,409 | ) |  | 2,193 |
Austin, Texas (b) | 934 |  |  | (870 | ) |  | 64 |  |  | 2,081 |  |  | (1,176 | ) |  | 905 |
Corporate | 1,422 |  |  | (415 | ) |  | 1,007 |  |  | 261 |  |  | (270 | ) |  | (9 | )
Operating Properties | $ | 150,406 |  |  | $ | (60,698 | ) |  | $ | 89,708 |  |  | $ | 152,114 |  |  | $ | (61,974 | ) |  | $ | 90,140 |
(a) | Includes property operating expense, real estate taxes and third party management expense.
(b) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. Following the contribution of this property, there are no wholly owned properties in the Austin, Texas segment. Activity subsequent to the contribution is related to management fees and related expenses provided by the Company to the Austin Venture.
Schedule of Segment Reporting Information, by Segment |
Unconsolidated real estate ventures: |  |  |  |  |  |
| Investment in real estate ventures, at equity |  | Equity in income (loss) of real estate ventures
| As of |  | Three-month periods ended March 31,
| March 31, 2015 |  | December 31, 2014 |  | 2015 |  | 2014
Philadelphia CBD | $ | 29,164 |  |  | $ | 27,137 |  |  | $ | (300 | ) |  | $ | (21 | )
Pennsylvania Suburbs | 17,273 |  |  | 17,385 |  |  | (6 | ) |  | 32 |
Metropolitan Washington, D.C. | 78,069 |  |  | 73,127 |  |  | (50 | ) |  | 67 |
New Jersey/Delaware | — |  |  | — |  |  | 48 |  |  | 18 |
Richmond, Virginia | 1,410 |  |  | 1,574 |  |  | 86 |  |  | (45 | )
Austin, Texas (a) | 107,562 |  |  | 105,781 |  |  | 353 |  |  | 191 |
Total | $ | 233,478 |  |  | $ | 225,004 |  |  | $ | 131 |  |  | $ | 242 |
(a) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of March 31, 2015 and December 31, 2014, which is included in other liabilities.
Reconciliation of Consolidated Net Operating Income | The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP:
| Three-month periods ended March 31,
| 2015 |  | 2014
| (unaudited, amounts in thousands)
Consolidated net operating income | $ | 89,708 |  |  | $ | 90,140 |
Other income (expense): |  |  |
Depreciation and amortization | (51,111 | ) |  | (52,570 | )
General and administrative expenses | (8,636 | ) |  | (8,181 | )
Interest income | 750 |  |  | 385 |
Interest expense | (28,176 | ) |  | (31,844 | )
Interest expense - amortization of deferred financing costs | (1,079 | ) |  | (1,189 | )
Interest expense - financing obligation | (286 | ) |  | (272 | )
Equity in income of real estate ventures | 131 |  |  | 242 |
Net gain on disposition of real estate | 9,019 |  |  | — |
Gain on sale of undepreciated real estate | — |  |  | 1,187 |
Loss on real estate venture transactions | — |  |  | (135 | )
Provision for impairment on assets held for sale | (1,726 | ) |  | — |
Income (loss) from continuing operations | 8,594 |  |  | (2,237 | )
Loss from discontinued operations | — |  |  | (8 | )
Net income (loss) | $ | 8,594 |  |  | $ | (2,245 | )

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